With thousands of hours of sunshine every year, Australia is well placed to make the most out of Mother Nature’s powerful rays. So it only makes sense that the use of solar power is rising rapidly. 

On top of being the fastest-growing way to generate energy, rooftop solar power made up nearly 9.3 per cent of all electricity produced in Australia in 2022. That’s an increase of 14.6 per cent year-on-year when compared to 2021. 

According to research by Roy Morgan, more than 3.2 million Australian households have been equipped with a solar power system as of 2022. That’s a surge of 14 per cent from 2018. 

Saving with solar

The are plenty of benefits of going solar. For one, it reduces your reliance on pulling energy from the grid. At the same time, this can have a significant impact on your monthly energy bills. Why? While you produce and use your own energy, you’re not paying for energy from an external supplier. And even when you do, it may help you avoid more expensive peak times, lowering your energy expenses over time. What’s more, if you end up producing more energy than you can use throughout the day, you may be able to feed it back into the grid and make a few extra bucks along the way. According to the Australian Energy Council, a typical solar pay-back period of a 5kW system in a major city is three to five years.1 Utilising low-rate green financing can help you enjoy the benefits of lower energy bills without having to pay for the system upfront.

Solar energy is also one of the few truly renewable global resources – and turning it into electricity doesn’t produce any harmful emissions as it doesn’t require the burning of gas or fuel. Plus, it doesn’t require the installation of expansive (and expensive) electrical infrastructure. Instead, energy is produced right where it’s needed, making it an accessible solution for even the most remote places.

Solar and battery: The dynamic duo

If you want to use your solar generated energy when the sun is gone, you could consider adding a battery pack to your solar power system and storing any unused energy for later use. With a suitable battery, there may also be an opportunity to feed your excess energy into the grid for a little extra cash.

Even with a battery, you can still choose to connect to the grid whenever you feel the need, e.g. to recharge your battery on days when the sun isn’t sufficient. This has the advantage of allowing you to choose times when the rates are low, minimising your expenses. Amber Electric is an energy retailer that gives customers access to the wholesale energy price for a simple monthly subscription fee. Amber’s wholesale model and SmartShiftTM technology allows customers to automatically use energy from the grid when prices are cheap and feed their battery-stored energy back into the grid to earn credit when wholesale prices are high.

According to the Clean Energy Council 2023 Clean Energy report, over 50,000 battery systems were installed in 2022 alone - well over 15,000 more units than in 2021.

What to consider when installing solar and battery

If you want to install a solar power system and storage on your property, there are several things you need to consider:

  1. Infrastructure: Solar panels can be suitable for roofs of all different shapes and sizes. Your accredited installer will be able to advise the best way to install for your home.
  2. Compatibility:  When adding a battery to your solar power system, there are some technological considerations to keep in mind, like the system size and whether your battery will be compatible with your solar panel system. Your accredited retailer will be able to advise of suitable options.
  3. Breaking even: While solar can lower your energy bills and boost your savings long term, it may take a few years to get there. That’s mainly due to the relatively high upfront cost of installing a solar power system. Before you settle on a system, take into consideration payback period and consider whether green finance options make sense for your situation.
  4. Finding the right retailer: The best way to go about finding a good retailer is to start by looking for ones that are members of a consumer protection program, like those supported by the Clean Energy Council or the New Energy Tech Consumer Code . From there, it’s all about research, reading reviews and requesting quotes. A good retailer will be transparent, communicative and will help you with any rebates you may be eligible for.

Tip: There are programs, like state government rebates, that help offset some of the upfront installation cost of a solar power and battery system.

CommBank provide discounted financing solutions for eligible clean energy products such as a Green Loan, Green personal loan discount and InstalPay

To find out more, visit: commbank.com.au/sustainable-living

1The Australian Energy Council Solar Report 2022, page 15

Terms and conditions

  • CBA has an ownership interest in Amber. Amber and CBA have entered into a strategic relationship agreement. 

    If you are looking for a loan to purchase clean energy products, consider all borrowing options before you apply, including: 

    • InstalPay for solar panels or batteries;  
    • If you have a home loan with us, a CommBank Green Loan attached to it may be an option; or  
    • A discounted personal loan for eligible clean energy products 


    This information has been provided without considering your individual objectives, financial situation or needs. Before making any decisions, you should consider its appropriateness to your circumstances and consider obtaining professional advice. 

    The Commonwealth Bank is not authorised and does not make any assertions about reduced consumption from non-renewable energy sources through clean energy purchases installations. Advice and further information should be sought from relevant certified industry professionals.


    InstalPay has a maximum loan term of five years. If you’re looking for an option with a longer term, explore our Go Green with a Personal Loan guide. If you have a home loan with us, you may be eligible for a CommBank Green Loan attached to your existing home loan, which has a 10-year term. 

    InstalPay is only available online. You’ll receive your documents digitally, including Contract Schedule and InstalPay Terms and Conditions and all communications in relation to the product will be delivered via Email, NetBank or the CommBank app. 

    Applications are subject to the Bank’s lending criteria and credit approval. View the InstalPay Terms and Conditions. Full terms and conditions will be included in our loan offer. Fees and charges may apply. 

    For more information about Target Market Determination (TMD), please refer to the TMD

    CommBank Green Loan:

    Applications are subject to credit approval, satisfactory security and minimum requirements. Full terms and conditions will be set out in our loan offer, if an offer is made. Fees and charges are payable. 

    Personal Loan for eligible green products:

    *Discounted interest rate is available on eligible clean energy products only and subject to verification. Find out more at commbank.com.au/gogreen  

    Applications are subject to the Bank’s lending criteria and credit approval. View the Personal Loan Terms and Conditions. Full terms and conditions will be included in our loan offer. Fees and charges may apply. 

    For more information about Target Market Determination (TMD), please refer to the TMD

    Commonwealth Bank of Australia ABN 48 123 123 124, Australian credit licence 234945.